Laker Company reported the following January purchases and sales data for its only product.

The Company uses a perpetual inventory system. For specific identification, ending inventory consists of 285 units, where 270 are from the January 30 purchase, 5 are from the January 20 purchase, and 10 are from beginning inventory.

Required:
1. Complete the table to determine the cost assigned to ending inventory and cost of goods sold using specific identification.
2. Determine the cost assigned to ending inventory and to cost of goods sold using weighted average.
3. Determine the cost assigned to ending inventory and to cost of goods sold using FIFO.
4. Determine the cost assigned to ending inventory and to cost of goods sold using LIFO.

American Food Services, Inc., leased a packaging machine from Barton and Barton Corporation. Barton and Barton completed construction of the machine on January 1, 2018. The lease agreement for the $4.5 million (fair value and present value of the lease payments) machine specified four equal payments at the end of each year. The useful life of the machine was expected to be four years with no residual value. Barton and Barton’s implicit interest rate was 8%.

1. Prepare the journal entry for American Food Services at the beginning of the lease on January 1, 2018.
2. Prepare an amortization schedule for the four-year term of the lease.
3. & 4. Prepare the appropriate entries related to the lease on December 31, 2018 and 2020.

Paynesville Corporation manufactures and sells a preservative used in food and drug manufacturing. The company carries no inventories. The master budget calls for the company to manufacture and sell 112,000 liters at a budgeted price of $165 per liter this year. The standard direct cost sheet for one liter of the preservative follows. Direct materials (2 pounds @ $10) $ 20 Direct labor (0.5 hours @ $36) 18 Variable overhead is applied based on direct labor hours. The variable overhead rate is $80 per direct-labor hour. The fixed overhead rate (at the master budget level of activity) is $40 per unit. All non-manufacturing costs are fixed and are budgeted at $1.8 million for the coming year. At the end of the year, the costs analyst reported that the sales activity variance for the year was $522,000 unfavorable. The following is the actual income statement (in thousands of dollars) for the year. Sales revenue $ 17,738 Less variable costs Direct materials 1,948 Direct labor 1,910 Variable overhead 4,030 Total variable costs $ 7,888 Contribution margin $ 9,850 Less fixed costs Fixed manufacturing overhead 1,110 Non-manufacturing costs 1,290 Total fixed costs $ 2,400 Operating profit $ 7,450 During the year, the company purchased 188,000 pounds of material and employed 46,400 hours of direct labor.

Required: a. Compute the direct material price and efficiency variances.

b. Compute the direct labor price and efficiency variances.

c. Compute the variable overhead price and efficiency variances. (For all requirements, enter your answers in whole dollars. Indicate the effect of each variance by selecting "F" for favorable, or "U" for unfavorable. If there is no effect, do not select either option.)

The following terms are used to describe various economic characteristics of costs: Opportunity Cost Average Cost Sunk Cost Out-of-pocket Cost Differential Cost Required: Choose one of the preceding terms to characterize each of the amounts described below. Each term may be used only once (5 Points). (1). The cost of merchandise inventory purchased five years ago. The goods are now obsolete. (2). The cost of feeding 300 children in a public school cafeteria is $450 per day, or $1.50 per child per day. What economic term describes this $1.50 cost? (3). The management of a high-rise office building uses 3,000 square feet of space in the building for its own administrative functions. This space could be rented for $30,000. What economic term describes this $30,000 of lost rental revenue? (4). The cost of building an automated assembly line in a factory is $700,000; a manually operated assembly line would cost $250,000. What economic term is used to describe the $450,000 variation between these two amounts? (5). Refer to the preceding question and assume that the firm is currently building the assembly line for $700,000. What economic term is used to describe the $700,000 construction cost?

FIFO Method, Unit Cost, Valuation of Goods Transferred Out and Ending Work in Process

Dama Company produces women's blouses and uses the FIFO method to account for its manufacturing costs. The product Dama makes passes through two processes: Cutting and Sewing. During April, Dama's controller prepared the following equivalent units schedule for the Cutting Department:

Costs in beginning work in process were direct materials, $25,000; conversion costs, $70,000. Manufacturing costs incurred during April were direct materials, $180,000; conversion costs, $326,400.

Required:

1. Prepare a physical flow schedule for April.

2. Compute the cost per equivalent unit for April. If required, round your answer to the nearest cent.
$ per equivalent unit

3. Determine the cost of ending work in process and the cost of goods transferred out.

4. Prepare the journal entry that transfers the costs from Cutting to Sewing.

Jim is a single dad who lives with and provides 100% of the financial support for his three children. Jim's children were 10, 14 and 19 as of the last day of 2015.

Jim's Adjusted Gross Income (AGI) is $96,000 for the year 2015.

How much Child Credit will Jim get on his 2015 tax return?

A. 1050

B. 950

C. 2000

D. 850

At Hodgson​ Corporation, direct materials are added at the beginning of the process and conversions costs are uniformly applied. Other details​ include: Beginning WIP direct materials ​$35,000 Beginning WIP conversion costs ​$29,250 Costs of materials added ​$389,100 Costs of conversion added ​$275,125 WIP beginning​ (50% for​ conversion) ​21,200 units Units started ​127,500 units Units completed and transferred out ​110,700 units WIP ending​ (60% for​ conversion) ​38,000 units What is the total cost of units remaining in ending​ WIP?

ACCORDING TO 2019 TAX PURPOSES:

Harrison Corporation reported pretax book income of $600,000. Tax depreciation exceeded book depreciation by $400,000. In addition, the company received$300,000 of tax-exempt municipal bond interest. The company’s prior-year tax Return showed taxable income of $50,000. Compute the company’s deferred income tax expense or benefit.

A company had the following purchases and sales during its first year of operations:

On December 31, there were 29 units remaining in ending inventory. Using the Perpetual LIFO inventory valuation method, what is the cost of the ending inventory? (Assume all sales were made on the last day of the month.)

Apple has the following at Jan 1, 2018

2,000,000 shares of common stock issued and $1 par   outstanding 4,000,000 shares authorized

Additional paid in capital $5,750,000

retained earnings $12,345,000

During 2018 the following occured

Net income: $6,789,000

cash dividend declared May 15: $.70 per share

cash dividends paid on Jun 30th

stock dividends declared on November 30th : 17%

stock dividend distributed on 12/31

the market price of the stock has been $36 all year

Prepare journal entries to record cash and stock dividends

prepare a owners equity section of Apple's balance sheet of 12/31/2018

1. Use the information below to answer the next 3 questions:

   At the beginning of the year, JJB Inc. estimated that overhead would be $880,000 and direct labor hours would be 220,000 hours. At the end of the year actual overhead was $920,600 and there were actual direct labor hours of 230,000. Year ended unadjusted COGS is $2,000,000.

   What is the Rredetermined Overhead Rate?

   		$2.63
   		$4
   		$4.18
   		None of the above

QUESTION 8

1. What is the overhead variance?

   		$200 overapplied
   		$400 underapplied
   		$600 overapplied
   		$600 underapplied

QUESTION 9

1. The adjusted Cost of Goods Sold is:

   		$2,000,000
   		$2,000,400
   		$2,000,600
   		$1,999,400

Please use the values from the question submitted.

Mary and Kay, Inc., a distributor of cosmetics throughout Florida, is in the process of assembling a cash budget for the first quarter of 20x1. The following information has been extracted from the company’s accounting records:

• All sales are on account. Sixty percent of customer accounts are collected in the month of sale; 30 percent are collected in the following month. Uncollectibles amounting to 10 percent of sales are anticipated, and management believes that only 20 percent of the accounts outstanding on December 31, 20x0, will be recovered and that the recovery will be in January 20x1.

• Sixty percent of the merchandise purchases are paid for in the month of purchase; the remaining 40 percent are paid for in the month after acquisition.

• The December 31, 20x0, balance sheet disclosed the following selected figures: cash, $90,000; accounts receivable, $210,000; and accounts payable, $75,000.

• Mary and Kay, Inc. maintains a $90,000 minimum cash balance at all times. Financing is available (and retired) in $1,000 multiples at an 10 percent interest rate, with borrowings taking place at the beginning of the month and repayments occurring at the end of the month. Interest is paid at the time of repaying principal and computed on the portion of principal repaid at that time.

• Additional data:

Required:

1. Prepare a schedule that discloses the firm’s total cash collections for January through March.

2. Prepare a schedule that discloses the firm’s total cash disbursements for January through March.

3. Prepare a schedule that summarizes the firm’s financing cash flows for January through March.

true or false: The weighted-average approach to process costing combines the work and costs done in prior periods with the work and costs done in the current period.

January 1, 2018, Apple is authorized to issue 200,000 shares $1.00 par common stock and 5,000 shares $200 par 5% cumulative and non-participating preferred stock. The transactions took place in 2018

Jan 14: issue 5,000 shares of common stock at $17 per share

Feb 2: issue 4,000 shares of preferred stock in exchange for building with a fair market value of $800,000

July 6: Re-purchased 2,000 shares of common stock at $18 per share (cost method)

Aug 15: sold 2,000 of the treasury shares at $19 per share

Dec 31: declared preferred dividends and a common stock dividends of $2.00 per share

Dec 31: close the income summary account ($150,000 of net income)

Prepare Journal entries for each transaction and prepare the statement of changes in OE for the 2018 year end.